Published:  10:11 PM, 07 August 2019

2pc incentive to push up remittance inflow to $20bn this FY: Minister

2pc incentive to push up remittance inflow to $20bn this FY: Minister
Finance Minister AHM Mustafa Kamal has expressed the hope that the remittance inflow will reach $20 billion in the current fiscal year from $16.42 billion in 2018-19FY following the 2 percent incentives announced by the government for those remit their earnings through the banking channel.

He came up with the hope while talking to reporters after a meeting of the Cabinet Committee on Public Purchase on Wednesday.

Responding to a query about the incentives, the finance minister said any expatriate Bangladeshi can easily receive the 2 percent incentives without any query on remittance upto $1,500 in one occasion. “But if anybody sends more than this limit, he will have to submit some valid documents like the copy appointment letter and contract with employers,” he said.

He, however, said there will be no upper limit of remittance to get the incentives.

Earlier, the government while unveiling the national budget in Parliament on June 13 last announced the 2 percent cash incentives on remittance to encourage expatriate Bangladeshis to send their earnings through the banking channel.

A fund of Tk 3,060 crore was allocated for the purpose in the budget as part of the government’s move to stop hundi business.

Bangladesh Bank recently issued a circular giving effect to this incentive from July 1 asking banks to pay incentives to the receivers of the remittance.

The circular said the central bank will finally adjust the entire amount of incentives from the respective banks’ accounts with Bangladesh Bank.

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